The Trump administration has started to panic about the spiking price of oil. That run-up has swiftly rippled through to gas prices in the US, spurring a 51-cent-per-gallon jump in the national average over the last week. And Trump officials have now broached the potential for deploying the US’ strategic petroleum reserve, after days of firmly ruling it out as an option. But there is still deep aversion to using the SPR, which the Biden administration leaned on to ease oil prices in 2022 — to only marginal success. The remaining options under discussion within the administration could have some marginal benefit for the oil markets and US gas prices, energy experts said.

Source: CNN March 09, 2026 22:02 UTC